Tripadvisor Inc (TRIP) 2024 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Tripadvisor second-quarter 2024 conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Angela White, Vice President of Investor Relations. Angela, please go ahead.

美好的一天，感謝您的支持。歡迎參加 Tripadvisor 2024 年第二季電話會議。 （操作員指示）請注意，今天的會議正在錄製中。現在我想將會議交給今天的第一位發言人，投資者關係副總裁安吉拉懷特 (Angela White)。安琪拉，請繼續。

Thank you, Felicia. Good afternoon, and welcome to Tripadvisor's second-quarter 2024 financial results call. Joining me today are Matt Goldberg, President and CEO, and Mike Noonan, CFO.

謝謝你，費莉西亞。下午好，歡迎參加 Tripadvisor 2024 年第二季財務績效電話會議。今天與我一起出席的有總裁兼首席執行官馬特·戈德堡 (Matt Goldberg) 和首席財務官邁克·努南 (Mike Noonan)。

Earlier this afternoon, after market close, we filed and made available our earnings release. In that release, you'll find a reconciliations of non-GAAP financial measures to the most comparable GAAP measures discussed on this call.

今天下午早些時候，收盤後，我們提交並發布了收益報告。在此版本中，您將找到非 GAAP 財務指標與本次電話會議中討論的最具可比性 GAAP 指標的調整表。

Before we begin, I'd like to remind you that this call may contain estimates and other forward-looking statements that represent management's views as of today, August 6, 2024.

在我們開始之前，我想提醒您，本次電話會議可能包含代表截至今天（2024 年 8 月 6 日）管理層觀點的估計和其他前瞻性陳述。

Tripadvisor disclaims any obligation to update these statements to reflect future events or circumstances. Please refer to our earnings release as well as our filings with the SEC for information concerning factors that could cause actual results to differ materially from these forward-looking statements. With that, I'll turn the call over to Matt.

Tripadvisor 不承擔更新這些聲明以反映未來事件或情況的義務。請參閱我們的收益報告以及我們向美國證券交易委員會提交的文件，以了解有關可能導致實際結果與這些前瞻性陳述有重大差異的因素的資訊。這樣，我會將電話轉給馬特。

Thanks, Angela, and good afternoon, everyone. Our second quarter consolidated results were in line with our expectations, with revenue of $497 million, reflecting year-over-year growth of 1% and adjusted EBITDA growth of 7% to $97 million or 20% of revenue. Our results reflect the diversification of our portfolio mix, its different growth profiles and strategies, and the increasing contribution to profit mix we're seeing from Viator and TheFork.

謝謝，安琪拉，大家下午好。我們第二季的合併業績符合我們的預期，營收為 4.97 億美元，年增 1%，調整後 EBITDA 成長 7%，達到 9,700 萬美元，佔營收的 20%。我們的績效反映了我們投資組合的多元化、不同的成長概況和策略，以及 Viator 和 TheFork 對利潤組合的貢獻不斷增加。

Mike will cover details of financial performance in his section, but first, I'll cover our operational progress as we execute our segment strategies.

麥克將在他的部分中介紹財務業績的詳細信息，但首先，我將介紹我們執行細分市場策略時的營運進展。

As a reminder, at brand Tripadvisor, our strategy focuses on driving engagement and delivering world-class guidance products to fuel diverse monetization paths. At Viator, we're reinforcing our leadership position in experiences by investing in our brand, product and repeat bookings, to drive LTV and improved unit economics. Finally, at TheFork, we're focused on driving revenue growth with margin improvement by increasing the value we deliver to diners and restaurants, as the leader in the European dining market.

提醒一下，在 Tripadvisor 品牌，我們的策略重點是推動參與度並提供世界一流的指導產品，以推動多樣化的獲利途徑。在 Viator，我們透過投資品牌、產品和重複預訂來鞏固我們在體驗方面的領導地位，以推動生命週期價值 (LTV) 並改善單位經濟效益。最後，在 TheFork，作為歐洲餐飲市場的領導者，我們致力於透過增加為食客和餐廳提供的價值來提高利潤率，從而推動收入成長。

Let's start with Brand Tripadvisor. In Q2, we delivered revenue of $250 million, a decline of 10%, and adjusted EBITDA of $84 million or 34% of revenue.

讓我們從 Tripadvisor 品牌開始。第二季度，我們營收 2.5 億美元，下降 10%，調整後 EBITDA 為 8,400 萬美元，佔營收的 34%。

Our financial performance continues to reflect the transition from our historical reliance on legacy offerings, such as hotel meta, which has experienced ongoing pressure over time, to a more diverse and sustainable model.

我們的財務表現繼續反映了我們從歷史上對遺留產品的依賴（例如隨著時間的推移經歷了持續壓力的酒店元）向更加多樣化和可持續的模式的轉變。

This challenge is well-known and the strategy we launched last year addresses it head on. When we offer a more compelling product that better meets travelers' needs across their end-to-end journey from the first moment of planning through the end of the trip itself, we drive deeper engagement.

這項挑戰是眾所周知的，我們去年推出的策略正面解決了這個問題。當我們提供更具吸引力的產品，更好地滿足旅客從規劃的第一刻到旅行結束的整個端到端旅程的需求時，我們就能推動更深入的參與。

We get more users coming to us through direct channels, like our app. We get them to sign up as members and come back more frequently, giving us valuable data and more opportunities to monetize, which we believe will result in a meaningfully higher average revenue per user over time.

我們透過直接管道（例如我們的應用程式）吸引了更多用戶。我們讓他們註冊成為會員並更頻繁地回來，為我們提供了寶貴的數據和更多的貨幣化機會，我們相信隨著時間的推移，這將導致每個用戶的平均收入顯著提高。

We are uniquely positioned to serve these traveler needs given the durable trust in our brand, the quality of our content, the relevance of our data and the scale of our audience. Last year, we set the foundation, building teams around product and data and putting core capabilities in place.

鑑於人們對我們的品牌、內容的品質、數據的相關性以及受眾規模的持久信任，我們在滿足這些旅客的需求方面處於獨特的地位。去年，我們奠定了基礎，圍繞著產品和數據組建團隊，並落實核心能力。

This year, we're seeing tangible outcomes from our initiatives. The data is clear. Travelers are responding to the improvements we're making in our product, and we're excited about scaling them to drive financial impact.

今年，我們的舉措取得了切實成果。數據一目了然。旅客對我們在產品中所做的改進做出了回應，我們很高興能夠擴大這些改進以產生財務影響。

Before I share highlights on key initiatives over the last quarter, let's cover some of the progress we see across a few of the metrics we outlined in our last call that give us confidence we're heading in the right direction.

在分享上個季度關鍵舉措的亮點之前，讓我們先介紹一下我們在上次電話會議中概述的一些指標中所取得的一些進展，這些指標讓我們相信我們正朝著正確的方向前進。

First, our overall audience has stabilized after an extended period of decline. Specifically, we've seen sustained and stable monthly active users so far this year. While this metric is not the most important indicator of the depth of engagement, it ensures we retain a broad global audience to drive membership and a deeper relationship over time.

首先，我們的觀眾總數在經歷了長時間的下降之後已經趨於穩定。具體來說，今年到目前為止，我們看到了持續穩定的月度活躍用戶。雖然該指標不是參與深度的最重要指標，但它確保我們保留廣泛的全球受眾，以隨著時間的推移推動會員資格和更深的關係。

It also serves as the top of the funnel for our category marketplaces. It's worth noting that in the US, where we've launched and scaled many of our initiatives first, we're seeing meaningful year-over-year growth in MAUs.

它還充當我們類別市場漏斗的頂部。值得注意的是，我們首先在美國推出並擴大了許多舉措，我們看到每月活躍用戶數同比出現有意義的成長。

Second, we've seen solid growth in membership. Our monthly active members, which were declining along with our overall MAUs, has returned to growth this year and accelerated from Q1 to Q2. And we expect this trend line to continue driven by our ongoing product efforts.

其次，我們看到會員數量穩定成長。我們的每月活躍會員數量與整體每月活躍用戶數一起下降，但今年已恢復成長，並且從第一季到第二季加速成長。我們預計這一趨勢線將繼續受到我們持續的產品努力的推動。

Third, we continue to see improvements over the last year in direct engagement, which includes our mobile app, which is one of the clearest signals that travelers are finding value in the changes we're making to the product.

第三，我們在直接參與方面繼續看到去年的進步，其中包括我們的行動應用程序，這是旅行者在我們對產品所做的改變中發現價值的最明顯信號之一。

In Q2 of this year, direct channel share across all services grew by approximately 450 basis points over last year. While this is still a relatively small overall channel, we see meaningful headroom for growth driven by our strategy.

今年第二季度，所有服務的直接管道份額比去年增長了約 450 個基點。雖然這仍然是一個相對較小的整體管道，但我們看到在我們的策略推動下，成長空間很大。

Finally, we continue to see deeper engagement translate into better monetization. Historically, we've seen very low average revenue per user, given our reliance on low-value, flyby traffic. It's still early, but the product enhancements we're rolling out are driving meaningfully higher monetization among our highest engaged members and app users, whose ARPU is multiple times higher.

最後，我們繼續看到更深入的參與轉化為更好的貨幣化。從歷史上看，由於我們對低價值的飛越流量的依賴，我們發現每個用戶的平均收入非常低。現在還為時過早，但我們推出的產品增強功能正在顯著提高參與度最高的會員和應用程式用戶的收入，他們的 ARPU 值高出數倍。

For example, in Q2, we observed that travelers who use Trips, our trip planning offering, reached ARPU levels roughly 15 times higher than our platform-wide average. This higher monetization has been consistent as we've begun to scale our efforts, driven primarily by experiences bookings today, but with real upside as we introduce more in-app booking across other categories in the future.

例如，在第二季度，我們觀察到使用我們的旅行計畫產品 Trips 的旅客的 ARPU 水平比我們全平台平均水平高出約 15 倍。隨著我們開始擴大我們的努力，這種更高的貨幣化一直是一致的，這主要是由今天的體驗預訂推動的，但隨著我們未來在其他類別中引入更多的應用程式內預訂，這種更高的貨幣化也會帶來真正的好處。

The formula is simple. When we keep travelers engaged on our platform, we have more opportunities to monetize not just through clicks but through higher-value transactions as well. Now let's step back from the outcomes for a moment and focus on the work we're doing to drive impact and accelerate the pace of change.

公式很簡單。當我們讓旅客持續參與我們的平台時，我們就有更多機會不僅透過點擊，還透過更高價值的交易來獲利。現在，讓我們暫時拋開結果，專注於我們為推動影響力和加快變革步伐而正在進行的工作。

Here are a few highlights. In Q2, we continued to extend the use of AI to offer more relevant guidance to more travelers. We scaled AI-powered review summaries to restaurants and experiences, personalizing the planning experience, so you can explore things to do, places to stay and restaurants recommended specifically for you in the app. And we expanded Trips internationally to 20 new languages across more than 30 locales.

以下是一些亮點。第二季度，我們持續擴展人工智慧的使用，為更多旅行者提供更相關的指導。我們將人工智慧驅動的評論摘要擴展到餐廳和體驗，個人化規劃體驗，以便您可以探索應用程式中專門為您推薦的活動、住宿地點和餐廳。我們將國際旅行擴展到 30 多個地區的 20 種新語言。

Looking ahead over the next few quarters, we'll continue to introduce new ways for travelers to discover, share and consume guidance, and strengthen our free membership value proposition, highlighting all the benefits of joining our community by better recognizing our most engaged members.

展望未來幾個季度，我們將繼續為旅行者推出發現、分享和消費指南的新方式，並加強我們的免費會員價值主張，透過更好地認可我們最活躍的會員來強調加入我們社區的所有好處。

Last quarter, we also launched a large set of upgrades to our mobile app, such as a new home screen and improved navigation that make it easier to explore destinations, plan a trip and book it immediately starting with experiences. We also introduced hotel booking and rewards exclusively in our app where we've seen strong early indicators of customer engagement, including better click-through, conversion and repeat rates.

上季度，我們還對行動應用程式進行了大量升級，例如新的主螢幕和改進的導航，讓您可以更輕鬆地探索目的地、規劃旅行並立即從體驗開始預訂。我們還在我們的應用程式中專門引入了飯店預訂和獎勵功能，我們在其中看到了強大的客戶參與度早期指標，包括更好的點擊率、轉換率和重複率。

We were also pleased to see that app users who book hotels spend more on experiences, leave more reviews and create more trips. We're excited about the role hotel and experiences bookings can play in the traveler journey for our deeply engaged, logged-in members.

我們也很高興看到預訂酒店的應用程式用戶在體驗上花費更多，留下更多評論並創建更多旅行。我們對酒店和體驗預訂在我們深度參與的登錄會員的旅行者旅程中所發揮的作用感到興奮。

Moving forward, we'll continue to differentiate the experience in our app with a focus on new features and UX improvements to drive higher conversion rates across our category marketplaces. Finally, over the last few months, we conducted a full-funnel marketing pilot focused on driving consideration across channels like connected TV and social.

展望未來，我們將持續打造差異化應用體驗，並專注於新功能和使用者體驗改進，以提高整個品類市場的轉換率。最後，在過去的幾個月裡，我們進行了全通路行銷試點，重點在於提高連網電視和社群等管道的考量。

This represented a very small portion of our marketing spend in the quarter, the bulk of which continues to be focused on lower-funnel channels to support our legacy offerings. But the pilot performed very well and gave us considerable learnings as we evolve our marketing mix over time to reorient our spend to drive lifetime value in support of our engagement-led strategy.

這僅占我們本季行銷支出的一小部分，其中大部分仍集中在漏斗下端管道以支援我們的傳統產品。但試點表現非常好，並為我們提供了大量的經驗教訓，因為我們隨著時間的推移不斷發展我們的行銷組合，重新調整我們的支出，以推動終身價值，以支持我們以參與為主導的策略。

We're excited by the progress we've made at Brand Tripadvisor and the opportunities ahead. But let me be very clear. Our near-term financial performance is still heavily reliant on legacy offerings that face well-known challenges.

我們對 Tripadvisor 品牌所取得的進展以及未來的機會感到非常興奮。但讓我說得非常清楚。我們的近期財務表現仍然嚴重依賴面臨眾所周知挑戰的傳統產品。

Tripadvisor is right now a combination of two very different business models. One is defined by our legacy offerings that are large and profitable and will continue to be an important but less central part of our overall business mix. The other is emerging. It's beginning to drive the outcomes I referenced earlier and will shift our mix over time. It's defined by a deeper and more direct relationship with travelers grounded in membership and the mobile app.

Tripadvisor 目前是兩種截然不同的商業模式的結合。其中之一是我們的傳統產品規模龐大且獲利，並將繼續成為我們整體業務組合的重要但不太核心的部分。另一種正在興起。它開始推動我之前提到的結果，並將隨著時間的推移改變我們的組合。它的定義是基於會員資格和行動應用程式與旅客建立更深入、更直接的關係。

It gives us the opportunity to monetize not just through clicks but also transactions and not just once in a single session but over and over again with less reliance on having to reacquire the customer in paid channels. This gives us a lot of confidence to drive sustainable growth at Brand Tripadvisor as we continue to execute on our strategy.

它使我們有機會不僅透過點擊，而且還透過交易來獲利，而且不僅僅是在單一會話中一次，而是一遍又一遍地獲利，而減少了對透過付費管道重新獲取客戶的依賴。這讓我們充滿信心，在繼續執行我們的策略的同時，推動 Tripadvisor 品牌的可持續成長。

Turning now to Viator, where we delivered revenue of $244 million, growing 13% year-on-year or 14% in constant currency. Gross booking value grew 8% year-over-year to approximately $1.2 billion. Adjusted EBITDA was $10 million or 4% of revenue, representing a $12 million year-on-year improvement.

現在轉向 Viator，我們實現了 2.44 億美元的收入，年增 13%，以固定匯率計算成長 14%。總預訂價值年增 8%，達到約 12 億美元。調整後 EBITDA 為 1,000 萬美元，佔營收的 4%，較去年同期增加 1,200 萬美元。

These results reflect our ability to deliver on our stated strategic priorities as we continue to invest across marketing and R&D and make progress driving repeat bookings and unit economics. We continue to deliver value to both sides of our marketplace and sustain our leadership position.

這些結果反映了我們有能力實現既定的策略重點，因為我們繼續在行銷和研發領域進行投資，並在推動重複預訂和單位經濟效益方面取得進展。我們繼續為市場雙方提供價值並維持我們的領導地位。

On the traveler side, we're making improvements across every part of the product experience. A few of these include checkout flow refinements that drive lower cancellation rates and reductions in payment friction in our reserve now, pay later option contributing to uplift in conversion.

在旅行者方面，我們正在改進產品體驗的各個部分。其中一些包括結帳流程的改進，可以降低取消率，減少我們儲備金中的付款摩擦，稍後付款選項有助於提高轉換率。

We're also making progress shifting travelers from web to app, nearly doubling the number of active bookers who log into the app, which is our fastest-growing, highest-repeating and best converting channel.

我們還在將旅行者從網路轉向應用程式方面取得了進展，登入該應用程式的活躍預訂者數量幾乎翻了一番，這是我們增長最快、重複率最高和轉換率最高的管道。

We're also excited about redoubling our efforts to give travelers the best app to discover, book and enjoy the highest quality experiences wherever they are. We continue to extend our reach, balancing performance marketing, affiliate partnerships, brand and promotions to drive more efficient costs as we better target new and repeat customers over the long term.

我們也很高興能夠加倍努力，為旅行者提供最好的應用程序，讓他們無論身在何處都能發現、預訂並享受最高品質的體驗。我們繼續擴大我們的影響力，平衡績效行銷、聯盟合作夥伴關係、品牌和促銷，以提高成本效率，更好地長期瞄準新客戶和回頭客。

From a brand perspective, we're seeing improvements in consideration, in particular with high-value travelers. And we've seen almost double the growth in branded search over the last year versus markets where we haven't rolled out creative.

從品牌角度來看，我們看到考慮因素有所改善，特別是針對高價值旅行者。與我們尚未推出創意的市場相比，去年品牌搜尋的成長幾乎翻了一番。

On the supply side, we continue to see evidence of the value that our suppliers find in our platform. We offer unmatched access to demand across multiple points of sale, including Tripadvisor, where experiences shoppers are the largest and fastest-growing segment of the audience. And we continue to offer compelling tools and programs to help operators access this demand, grow their bookings and drive their economics.

在供應方面，我們繼續看到供應商在我們的平台中發現價值的證據。我們提供無與倫比的跨多個銷售點的需求管道，其中包括 Tripadvisor，其中體驗購物者是最大且成長最快的受眾群體。我們將繼續提供引人注目的工具和計劃，幫助營運商滿足此需求、增加預訂量並推動經濟效益。

This includes our Accelerate program, where we've seen GBV from participating suppliers increase from last year at the same time that supplier churn remains very low. We're also making improvements to key parts of the operator experience on our platform, including our new supplier onboarding program, which continues to smooth the self-service path and has led to a reduction in customer service contact rates and higher customer service satisfaction.

這包括我們的加速計劃，我們發現參與供應商的 GBV 比去年有所增加，同時供應商流失率仍然很低。我們也對平台上營運商體驗的關鍵部分進行改進，包括我們新的供應商入職計劃，該計劃將繼續平滑自助服務路徑，從而降低客戶服務聯繫率並提高客戶服務滿意度。

At TheFork, we continue to drive profitable growth and deliver value to diners and restaurants across Europe, benefiting from sustained operational efficiencies that continue to improve our unit economics. In Q2, revenue was $42 million, 11% growth year-on-year or 12% in constant currency.

在 TheFork，我們持續推動獲利成長，並為歐洲各地的食客和餐廳創造價值，並受益於持續改善我們單位經濟效益的持續營運效率。第二季營收為 4,200 萬美元，年增 11%，以固定匯率計算成長 12%。

Importantly, adjusted EBITDA was $3 million or 7% of revenue, a $7 million improvement over Q2 last year, representing our most profitable quarter ever. We're driving marketing efficiency, focusing our investment mix to balance how we acquire new customers and drive repeat reservations at greater scale. We've been pleased with the performance in social channels, which are delivering incremental volumes with strong ROI and repeat rates.

重要的是，調整後的 EBITDA 為 300 萬美元，佔營收的 7%，比去年第二季增加了 700 萬美元，是我們有史以來利潤最高的季度。我們正在提高行銷效率，並專注於我們的投資組合，以平衡我們如何獲取新客戶和更大規模地推動重複預訂。我們對社交管道的表現感到滿意，這些管道以強勁的投資回報率和重複率提供了增量銷售。

In TheFork's direct channels, repeat bookings represent a growing share of overall bookings. More than 75% of TheFork's booking volume comes through the app, and we continue to enhance the user experience in that valuable and growing channel.

在 TheFork 的直接管道中，重複預訂在整體預訂中所佔的比例越來越大。 TheFork 超過 75% 的預訂量來自該應用程序，我們將繼續增強這一寶貴且不斷增長的管道的用戶體驗。

Homepage additions, such as local hotspots, top restaurants by city and special offers as well as an improved ranking algorithm, had driven year-over-year conversion improvements.

主頁的添加，例如本地熱點、按城市列出的頂級餐廳和特別優惠以及改進的排名演算法，推動了轉換率逐年提高。

We also continue to drive opportunities to enhance TheFork's recognized brand, including exploring new and innovative partnerships to tap into new audiences. We recently piloted a gift card program in one of our key markets, partnering with Vodafone to provide its millions of customers an incentive loyalty reward as well as promoting TheFork in its media. We think there are more opportunities like this one to pursue in the future.

我們也繼續尋找機會來增強 TheFork 的知名品牌，包括探索新的創新合作夥伴關係以吸引新的受眾。我們最近在我們的一個主要市場試行了一項禮品卡計劃，與沃達豐合作，為其數百萬客戶提供忠誠度激勵獎勵，並在其媒體上宣傳 TheFork。我們認為未來還會有更多這樣的機會。

On the restaurant side, our results reflect the value we're providing to over 50,000 restaurants in TheFork network. In the quarter, we drove growth in new restaurant acquisition and stability in active restaurants. Importantly, we achieved significant improvement in sales productivity for new restaurant acquisition.

在餐廳方面，我們的結果反映了我們為 TheFork 網路中超過 50,000 家餐廳提供的價值。本季度，我們推動了新餐廳收購的成長和活躍餐廳的穩定。重要的是，我們收購新餐廳的銷售效率顯著提高。

We also laid the foundation for sustained B2B revenue growth, which drove double-digit subscription revenue that gives us confidence in the runway ahead.

我們也為 B2B 收入的持續成長奠定了基礎，這推動了兩位數的訂閱收入，讓我們對未來的發展充滿信心。

Before closing out, I want to reflect on all the progress we're making in each of our segments across Tripadvisor Group as we continue to pursue our shared vision to be the most trusted source for travel and experiences.

在結束之前，我想回顧一下 Tripadvisor 集團各個細分市場所取得的所有進展，因為我們將繼續追求成為最值得信賴的旅行和體驗來源的共同願景。

We're uniquely positioned, our strategies are aligned, and we're doing the hard work quarter-by-quarter to execute on our plans that will drive the trajectory of our performance. Of course, we're also watching closely what's happening externally.

我們處於獨特的地位，我們的策略是一致的，我們正在每季努力執行我們的計劃，這將推動我們的業績軌跡。當然，我們也在密切關注外部發生的情況。

Recently, we've all observed mixed signals in the macroeconomic environment as well as ongoing geopolitical tensions. We also see some signs and signals around narrowing international booking windows and moderated pricing.

最近，我們都觀察到宏觀經濟環境中的混合訊號以及持續的地緣政治緊張局勢。我們也看到一些有關縮小國際預訂窗口和適度定價的跡象和信號。

Overall, however, we continue to see healthy travel intent in both our search and survey data that suggest travel remains a priority and experiences continue to be a mainstay at the heart of travel planning.

但總體而言，我們在搜尋和調查數據中繼續看到健康的旅行意圖，這表明旅行仍然是優先事項，體驗仍然是旅行計劃的核心支柱。

We remain confident about the long-term growth opportunity ahead for travel and are focused on the work to fortify our position and create more value for all stakeholders. With that, I'll turn the call over to Mike.

我們對旅遊業未來的長期成長機會仍然充滿信心，並專注於鞏固我們的地位並為所有利害關係人創造更多價值。這樣，我會將電話轉給麥克。

Thanks, Matt, and good afternoon, everyone. I'll start by reviewing the quarter and then provide our outlook for the third quarter and the remainder of the year. All growth rates are relative to the comparable period in 2023, unless noted otherwise.

謝謝馬特，大家下午好。我將首先回顧本季度，然後提供我們對第三季度和今年剩餘時間的展望。除非另有說明，否則所有成長率均相對於 2023 年可比時期。

Second quarter revenue was $497 million, reflecting growth of 1%, which was in line with our expectations for the quarter. Adjusted EBITDA was $97 million or 20% of revenue and 200 basis points higher than last year. Adjusted EBITDA was higher than expectations across each of the segments.

第二季營收為 4.97 億美元，成長 1%，符合我們對該季度的預期。調整後 EBITDA 為 9,700 萬美元，佔營收的 20%，比去年高出 200 個基點。調整後的 EBITDA 高於每個細分市場的預期。

Turning to segment performance for the second quarter, brand Tripadvisor delivered revenue of $250 million, which was a decline of 10%. And brand Tripadvisor revenue was slightly lower than expectations, primarily due to the performance of hotel meta and experiences in the quarter. Branded hotel revenue was $150 million or a decline of 14%.

從第二季的細分業績來看，Tripadvisor 品牌的營收為 2.5 億美元，下降了 10%。而品牌 Tripadvisor 收入略低於預期，主要是由於本季酒店元和體驗的表現。品牌酒店營收為 1.5 億美元，下降 14%。

Hotel meta performance reflects the weaker demand trends we observed in April, which had not improved in May or June. Lower paid click volume was driven by weaker demand as well as increased competition in these channels.

酒店元表現反映了我們在 4 月觀察到的需求趨勢疲軟，而這種趨勢在 5 月或 6 月並沒有改善。付費點擊量下降的原因是需求疲軟以及這些管道的競爭加劇。

We continue to manage our paid channels for appropriate returns as reflected by slightly higher year-over-year contribution margins. Lower free click volume was due in part to the impact of the algorithm update referenced on our last call. Pricing continued to be up year-over-year, but at a lower rate than prior quarters.

我們繼續管理我們的付費管道以獲得適當的回報，這反映在同比貢獻率略高的情況下。免費點擊量下降的部分原因是我們上次通話中引用的演算法更新的影響。定價繼續同比上漲，但漲幅低於前幾個季度。

From a geographic perspective, hotel meta revenue in the US stepped back meaningfully from Q1 levels while EMEA and APAC were more in line with Q1 levels. Finally, we experienced modest declines in our hotel B2B offering, a trend we expected as we continue to transition our go-to-market model to self-service.

從地理角度來看，美國的飯店元收入較第一季水準大幅回落，而歐洲、中東和非洲和亞太地區則與第一季水準更為一致。最後，我們的飯店 B2B 產品服務出現了小幅下降，這是我們在繼續將進入市場模式轉向自助服務時所預期的趨勢。

Media and advertising revenue declined 2% to $41 million. Growth in off-platform and programmatic revenue was offset by direct revenue and certain campaign timing, which, as noted on the last call, was positive to the first quarter but negatively impacted the second quarter due to the pull forward of some campaigns into Q1.

媒體和廣告收入下降 2%，至 4,100 萬美元。平台外和程序化收入的增長被直接收入和某些活動時間安排所抵消，正如上次電話會議所指出的，這對第一季度是積極的，但由於一些活動提前到第一季度，對第第二季產生了負面影響。

Experiences and dining revenue was $48 million or a decline of 4%, primarily due to a more than 20% decline in our restaurant B2B offering. These results were in line with our expectations as we continue to transition to a self-service model.

體驗和餐飲收入為 4,800 萬美元，下降 4%，主要是由於我們餐廳 B2B 服務下降了 20% 以上。隨著我們繼續向自助服務模式過渡，這些結果符合我們的預期。

Experiences revenue growth was below expectations, particularly in the paid channels, where we witnessed more normalized category demand combined with the effects of our marketing strategy, which emphasizes profitability at Brand Tripadvisor point of sale.

體驗收入成長低於預期，特別是在付費管道，我們看到了更規範的類別需求以及我們的行銷策略的效果，該策略強調品牌 Tripadvisor 銷售點的獲利能力。

Lastly, other revenue declined 15% to $11 million as we continued to de-emphasize our flights, car rental, and vacation rental offerings in favor of prioritizing investment in other areas more core to our stated strategy.

最後，其他收入下降了 15%，至 1,100 萬美元，因為我們繼續淡化我們的航班、汽車租賃和度假租賃服務，轉而優先投資對我們既定策略更核心的其他領域。

Adjusted EBITDA in Brand Tripadvisor was $84 million or 34% of revenue, reflecting approximately flat margins year-over-year. Lower paid marketing expense as a percent of revenue was partially offset by increases in new LTV-based marketing campaigns, such as app-focused marketing and social media brand campaigns to accelerate our engagement-led strategy.

品牌 Tripadvisor 的調整後 EBITDA 為 8,400 萬美元，佔營收的 34%，反映出年比利潤率大致持平。付費行銷費用佔收入的百分比較低，但被基於生命週期價值的新行銷活動的增加部分抵消，例如以應用程式為中心的行銷和社群媒體品牌活動，以加速我們以參與為主導的策略。

It's early, but we like the results that show improved awareness, higher trips creation and increased direct traffic and app downloads. Finally, we also saw modest deleverage coming from head count increases across engineering, product and data functions that underpin the strategic transformation work we've discussed in prior quarters at brand Tripadvisor.

現在還為時過早，但我們喜歡這樣的結果：認知度提高、行程創造增加以及直接流量和應用程式下載量增加。最後，我們也看到工程、產品和資料職能部門人員數量的增加帶來了適度的去槓桿化，這些增加支撐了我們在品牌 Tripadvisor 的前幾季討論過的策略轉型工作。

Turning to Viator, Q2 revenue was $244 million, reflecting growth of 13% and 14% in constant currency. The pull forward of the Easter holiday into the first quarter was a headwind to Q2 revenue of approximately 100 basis points of growth. Gross booking value, or GBV, grew 8% to approximately $1.2 billion in Q2. GBV at the Viator point-of-sale grew at rates higher than total GBV, while Brand Tripadvisor point-of-sale grew below the total GBV rate.

至於 Viator，第二季營收為 2.44 億美元，以固定匯率計算分別成長 13% 和 14%。復活節假期提前至第一季度，對第二季度營收成長約 100 個基點構成阻力。第二季總預訂價值 (GBV) 成長 8%，達到約 12 億美元。 Viator 銷售點的 GBV 成長率高於總 GBV 成長率，而 Tripadvisor 品牌銷售點的 GBV 成長率低於總 GBV 率。

Our Q2 GBV sequential growth declines reflect broader demand trends across Viator's channels, as well as the deceleration in the Brand Tripadvisor point-of-sale, as referenced earlier. We continue to see healthy growth in our paid marketing channels, while our direct channels are growing faster.

我們第二季的 GBV 環比成長下降反映了 Viator 通路更廣泛的需求趨勢，以及品牌 Tripadvisor 銷售點的減速（如前所述）。我們的付費行銷管道持續健康成長，而我們的直接管道成長速度更快。

As Matt referenced, we are pleased with the progress we're making in growing our app channel as it is the fastest-growing channel, and we believe we still have a lot of optimization opportunities ahead of us. We are still seeing strong growth in repeat users, and this growth has been consistent quarter-over-quarter. Importantly, our repeat users come with lower marketing costs.

正如馬特所提到的，我們對我們在發展應用程式管道方面取得的進展感到高興，因為它是成長最快的管道，我們相信我們仍然有很多優化機會。我們仍然看到重複用戶的強勁成長，而這種成長與上一季保持一致。重要的是，我們的回頭客的行銷成本更低。

Viator adjusted EBITDA was $10 million or 4% of revenue in the quarter. The year-over-year margin leverage of approximately 500 basis points was driven primarily by lower sales and marketing as a percent of revenue as a result of a more favorable free versus paid channel mix.

Viator 調整後 EBITDA 為 1,000 萬美元，佔本季營收的 4%。年比利潤率槓桿約為 500 個基點，主要是由於免費管道與付費管道組合更有利，導致銷售和行銷佔收入的百分比下降。

People costs as a percent of revenue were approximately flat year-over-year, despite continued investment in our product experience, especially in the app and growing supply in our marketplace.

儘管我們持續投資於我們的產品體驗，特別是在應用程式方面以及我們市場上的供應不斷增長，但人員成本佔收入的百分比與去年同期基本持平。

At TheFork, revenue grew 11% as reported and 12% in constant currency terms to $42 million. Top line results were driven by balanced growth in both pricing and booking volume. The pull forward of Easter holiday into Q1 of this year resulted in headwind to Q2 revenue of approximately 200 basis points of growth.

據報道，TheFork 的營收成長了 11%，以固定匯率計算成長了 12%，達到 4,200 萬美元。營收業績是由定價和預訂量的平衡成長所推動的。復活節假期提前至今年第一季度，導致第二季度營收成長約 200 個基點。

Adjusted EBITDA at TheFork was $3 million or 7% of revenue, an improvement of 18 percentage points from Q2 of last year. Lower people costs as a percent of revenue was the primary driver of the year-over-year leverage.

TheFork 調整後 EBITDA 為 300 萬美元，佔營收的 7%，比去年第二季提高了 18 個百分點。人員成本佔收入的百分比下降是年比槓桿率的主要驅動力。

Now turning to consolidated expenses for the quarter. Cost of revenue was 9% of revenue, an increase of 100 basis points due primarily to higher cloud costs across brand Tripadvisor and Viator, higher transaction fees at Viator and higher media production costs at brand Tripadvisor.

現在轉向本季的綜合支出。收入成本佔收入的 9%，增加了 100 個基點，主要是由於 Tripadvisor 和 Viator 品牌的雲端成本較高、Viator 的交易費用較高以及 Tripadvisor 品牌的媒體製作成本較高。

Sales and marketing was 53% of revenue and was lower by approximately 200 basis points due to lower people and performance margin costs at brand Tripadvisor. Technology and content costs were 15% of revenue, approximately 100 basis points higher, primarily due to higher people costs at brand Tripadvisor and Viator.

銷售和行銷佔收入的 53%，由於 Tripadvisor 品牌的人員和績效利潤成本降低，銷售和行銷收入下降了約 200 個基點。技術和內容成本佔收入的 15%，大約高出 100 個基點，主要是由於 Tripadvisor 和 Viator 品牌的人員成本較高。

G&A expense as a percent of revenue increased by nearly 200 basis points, which was due to several items. We incurred a onetime expense in the quarter of approximately $4 million related to the recently enacted Canadian digital service tax, which required retrospective application to the past period.

G&A 費用佔收入的百分比增加了近 200 個基點，這是由於多項因素造成的。我們在本季產生了約 400 萬美元的一次性費用，與最近頒布的加拿大數位服務稅相關，該稅需要追溯適用於過去的時期。

An expense of approximately $3 million related to a previously granted onetime, share-based compensation award to a former senior executive, and approximately $2 million in costs related to the special committee process. G&A as a percent of revenue for the quarter would have been approximately flat year-over-year without these expenses.

約 300 萬美元的費用與先前向前高階主管授予的一次性股份薪酬獎勵相關，約 200 萬美元的費用與特別委員會流程相關。如果沒有這些費用，本季的一般行政費用佔收入的百分比將與去年同期基本持平。

Now to cash and liquidity. Operating cash flow was $53 million, and free cash flow was $37 million. A key driver of the year-over-year decline was $141 million in cash outflows related to the previously disclosed 2014 to 2016 IRS transfer pricing settlement versus last year's outflow of approximately $113 million related to the 2009 to 2011 IRS transfer pricing settlement.

現在是現金和流動性。營運現金流為 5,300 萬美元，自由現金流為 3,700 萬美元。年比下降的一個關鍵驅動因素是與先前披露的2014 年至2016 年IRS 轉讓定價和解相關的1.41 億美元現金流出，而去年與2009 年至2011 年IRS 轉讓定價和解相關的現金流出約為1.13 億美元。

As part of this year's settlement, we expect to receive a refund of approximately $25 million to $35 million in Q3 or Q4, which would bring the total expected settlement to approximately $110 million.

作為今年和解的一部分，我們預計將在第三季或第四季收到約 2,500 萬至 3,500 萬美元的退款，這將使預期和解總額達到約 1.1 億美元。

Other drivers of the year-over-year decline were changes in other working capital, including lower deferred merchant payables. We ended the quarter with nearly $1.2 billion of cash and cash equivalents, an increase of $109 million from December 31, 2023.

其他年比下降的驅動因素是其他營運資本的變化，包括遞延商業應付帳款的減少。截至本季末，我們擁有近 12 億美元的現金和現金等價物，較 2023 年 12 月 31 日增加了 1.09 億美元。

During the quarter, we repurchased approximately 1.4 million shares at an average price of $18.28 per share, spending approximately $25 million. We have approximately $200 million remaining in our current authorization. Finally, subsequent to the quarter end, on July 8, we closed on a Term Loan B Facility in the amount of $500 million at SOFR plus 2.75%. Proceeds were used to redeem the $500 million high yield notes that were due on July 15, 2025.

本季度，我們以每股 18.28 美元的平均價格回購了約 140 萬股股票，花費約 2,500 萬美元。我們目前的授權還剩約 2 億美元。最後，在季度結束後的 7 月 8 日，我們以 SOFR 加 2.75% 的利率完成了金額為 5 億美元的定期貸款 B 融資。所得款項用於贖回將於 2025 年 7 月 15 日到期的 5 億美元高收益債券。

Turning to our outlook for the third quarter, which incorporates trends we saw in the business through July. In hotel meta, we continue to see demand headwinds in July, and our outlook assumes that we see a continuation of these trends for the remainder of the quarter.

談到我們對第三季的展望，其中包含了我們在 7 月看到的業務趨勢。在酒店元中，我們繼續看到 7 月份的需求逆風，我們的展望假設我們看到這些趨勢在本季度剩餘時間內持續存在。

Also, given what we're seeing in the normalization of pricing trends across the hotel category, we are assuming a softening of pricing relative to last few quarters. For experiences across the group, our outlook assumes continued normalization of demand, reflecting the overall travel market, although still benefiting from higher growth relative to other travel categories given the secular opportunities.

此外，鑑於我們在整個酒店類別的定價趨勢正常化中看到的情況，我們假設定價相對於過去幾季會有所軟化。對於整個集團的體驗，我們的前景假設需求持續正常化，反映了整體旅遊市場，儘管考慮到長期機會，相對於其他旅遊類別而言，仍受益於較高的成長。

Incorporating this outlook, for the third quarter, we expect consolidated revenue growth to be approximately flat to a few points down year-over-year. At brand Tripadvisor, we expect increasing year-over-year declines from Q2 levels, driven by the more volatile macro demand picture in hotel meta.

考慮到這一前景，我們預計第三季的綜合營收成長將大致持平，甚至比去年同期下降幾個百分點。在 Tripadvisor 品牌，我們預計，由於飯店元宏觀需求狀況更加不穩定，其年減幅度將較第二季增加。

At Viator, we expect revenue growth to moderately step back from Q2 levels, driven by macro demand trends and continued point-of-sale mix pressure as we just discussed. At TheFork, we expect growth in line with Q2 growth.

正如我們剛才討論的那樣，在宏觀需求趨勢和持續的銷售點組合壓力的推動下，Viator 的收入成長預計將較第二季的水平適度回落。在 TheFork，我們預計成長與第二季的成長一致。

For Q3, we expect consolidated adjusted EBITDA margins to be down year-over-year by approximately 350 to 450 basis points. Year-over-year margin improvement at Viator and TheFork will be offset by year-over-year deleverage at brand Tripadvisor of approximately 8 percentage points to 10 percentage points.

對於第三季度，我們預計綜合調整後 EBITDA 利潤率將年減約 350 至 450 個基點。 Viator 和 TheFork 的年比利潤率改善將被 Tripadvisor 品牌同比約 8 個百分點至 10 個百分點的去槓桿化所抵消。

The deleverage of brand Tripadvisor is due to a combination of the lower revenue expectation and planned spend in the areas of head count and LTV-based marketing experimentation in support of our future growth initiatives.

Tripadvisor 品牌的去槓桿化是由於較低的收入預期以及在人員數量和基於生命週期價值的營銷實驗方面的計劃支出的結合，以支持我們未來的成長計劃。

Given our outlook for Q3, we now expect full year consolidated revenue growth of low single digits, which is at the low end of our previous range. We also expect consolidated adjusted EBITDA margins deleverage of approximately 100 basis points to 200 basis points.

鑑於我們對第三季的展望，我們現在預計全年綜合收入成長將為低個位數，處於我們先前區間的低端。我們也預期綜合調整後 EBITDA 利潤率去槓桿化約為 100 個基點至 200 個基點。

For the full year, we expect revenue declines in Brand Tripadvisor of mid- to high single digits and margins down year-over-year by approximately 400 basis points, which is down slightly from our last update. This outlook assumes that we see revenue declines in our hotel meta offering moderating in the fourth quarter.

就全年而言，我們預計品牌 Tripadvisor 的營收將出現中高個位數下降，利潤率年減約 400 個基點，比我們上次更新的數據略有下降。這個前景假設我們看到酒店元產品的營收下降在第四季度有所放緩。

For Viator, we assume modest acceleration of growth versus Q3 in the fourth quarter as we lap an easier comp due to the start of the mid east conflict. Our expectation for improved profitability versus last year remains unchanged, and we continue to realize increased operating efficiencies in the business.

對於 Viator，我們假設第四季的成長較第三季略有加速，因為由於中東衝突的開始，我們的業績比較容易。我們對獲利能力較去年有所提高的預期保持不變，並且我們繼續實現業務營運效率的提高。

This easier comp will also benefit experiences revenue growth at Brand Tripadvisor. At TheFork, our revenue expectations remain unchanged, and we still expect a significant year-over-year improvement in adjusted EBITDA for the year.

這種更簡單的比較也將有利於 Brand Tripadvisor 的體驗收入成長。在 TheFork，我們的營收預期保持不變，我們仍然預計今年調整後 EBITDA 將比去年同期大幅改善。

With that, I'd like to turn the call back over to the operator to begin Q&A.

這樣，我想將電話轉回接線員以開始問答。

(Operator Instructions) Ben Miller, Goldman Sachs.

（操作員指令）Ben Miller，高盛。

Thanks for taking the question. I guess just given the importance of driving more app-based and logged-in members, I wanted to touch on just your own marketing efforts, and any color you can share on how you're optimizing your marketing efforts around targeting those users that have a high likelihood of converting to being a logged-in member as opposed to casting a wide kind of top-of-funnel net there? Thanks.

感謝您提出問題。我想，考慮到推動更多基於應用程式和登入的會員的重要性，我想談談您自己的行銷工作，以及您可以分享的任何顏色，以說明您如何圍繞針對那些擁有這些用戶的用戶來優化您的行銷工作。謝謝。

Ben, it's Mike. I'll start, and Matt can chime in. So it's a great question. It's essential to really the work we're doing around at Brand Tripadvisor. As we said, so much of this has been product-led transformation and we're really excited about what's developing in the app, both at the hotels category, but obviously, with experiences in combination with our Trip planning tool, which we've been investing heavily behind.

本，是麥克。我先開始，馬特可以插話。這對我們在 Tripadvisor 品牌所做的工作至關重要。正如我們所說，其中大部分都是以產品為主導的轉型，我們對應用程式中正在開發的內容感到非常興奮，無論是在酒店類別，但顯然，與我們的旅行規劃工具相結合的經驗背後一直投入巨資。

I think there's a lot of marketing strategies, which we do employ. A lot of it is around when we have a massive top of the funnel with at Brand Tripadvisor. When we see users that are activating across the surfaces, there are a lot of different things we can do to stimulate or inspire or incentivize certain behaviors to download the app and get them to start interacting in the app. And so that's one strategy we certainly will be employing.

我認為我們確實採用了許多行銷策略。當我們在品牌 Tripadvisor 上擁有巨大的漏斗頂部時，很多事情就已經存在了。當我們看到用戶在各個介面上啟動時，我們可以採取許多不同的措施來刺激或激勵某些行為來下載應用程式並讓他們開始在應用程式中進行互動。因此，這是我們肯定會採取的策略。

And then there's a lot of just, you think about just different marketing campaigns around how you're targeting users, whether it be in app downloads, whether you are incentivizing certain people to a behavior, again, with an incentive that we will be looking at exploring and have been doing for some time.

然後還有很多，你會考慮如何針對用戶進行不同的行銷活動，無論是在應用程式下載中，還是在激勵某些人採取某種行為，同樣，我們會尋找激勵措施正在探索並已經做了一段時間了。

Yes, Ben, just want to add. It's Matt. Our marketing at Tripadvisor has traditionally been same session. It's been about basically bringing people in and taking advantage of the flyby traffic. We can shift from same session to LTV-based bidding.

是的，本，我只是想補充一下。是馬特。我們在 Tripadvisor 的行銷傳統上都是在同一個環節進行。這基本上是為了吸引人們進來並利用飛越交通。我們可以從同一會話轉向基於 LTV 的出價。

We've got data now that we can use to target. We've been very lower funnel. And as we move mid to upper funnel, we can get a lot of learnings that we've had in what we've done at Viator and TheFork, frankly, about how we can leverage that data to drive people into membership and the app where they engage, and we can let the product do the work.

我們現在已經獲得了可以用來確定目標的數據。我們的漏斗處於非常低的位置。當我們進入漏斗的中上層時，坦白說，我們可以從 Viator 和 TheFork 所做的事情中獲得很多經驗教訓，了解如何利用這些數據來推動人們成為會員，以及如何利用該應用程式他們參與，我們可以讓產品完成工作。

And I think that the early movement in the metrics that we shared gives us a lot of confidence that we've got a good plan ahead for that.

我認為我們分享的指標的早期變化給了我們很大的信心，讓我們相信我們已經為此制定了良好的計劃。

Naved Khan, B. Riley Securities.

納維德汗 (Naved Khan)，B. 萊利證券 (Riley Securities)。

Yes, hi. Thanks a lot. Two questions from me. Maybe just on the increase in the app users, that's great to see. But in terms of the P&L effect, and when can this be more meaningful in terms of maybe stabilizing the core business or maybe even returning it to growth, how should we be thinking about that transition? Is it like a 12-month window, 12 months away or something that's further out?

是的，嗨。多謝。我有兩個問題。也許只是應用程式用戶的增加，這是很高興看到的。但就損益效應而言，什麼時候這對於穩定核心業務甚至恢復成長更有意義，我們該如何考慮這種轉變？是像 12 個月的窗口期、12 個月後還是更遠的時間？

That's one. And then on the share buyback, you still have like authorization of $200 million remaining. Given where the stock is, how should we be thinking about your propensity to spend on buybacks versus maybe other opportunities? Thanks.

這是一個。然後，在股票回購方面，您仍然有 2 億美元的剩餘授權。考慮到股票的位置，我們應該如何考慮您花在回購和其他機會上的傾向？謝謝。

Hey Naved, thanks for the questions. Yes, I'll start with the buyback. Yes, so we still have a good amount left in that. We have said consistently, our approach has been very programmatic in that.

嘿，納維德，謝謝你的提問。是的，我將從回購開始。是的，所以我們還剩下很多錢。我們一直表示，我們的方法在這方面非常有計劃性。

I would say this quarter, we are very much focused on setting our capital structure as well, and understanding true liquidity with the refinance of the high yield. So I think we will always evaluate this and find the best opportunities, whether it be programmatic or more opportunistic.

我想說，本季度，我們也非常注重設定我們的資本結構，並透過高收益再融資來了解真正的流動性。所以我認為我們將始終評估這一點並找到最好的機會，無論是程序性的還是機會主義的。

And certainly, we will engage in those discussions going forward as we think about where the stock may be and versus our liquidity profile.

當然，當我們考慮股票可能的狀況以及我們的流動性狀況時，我們將繼續進行這些討論。

Yes. And the way to think about what we're seeing in the app, I've said in the past, we -- our strategy is very much about moving away from the big number at the very top of the funnel, which includes a lot of flyby, in-and-out traffic, frankly, a very low percentage of which clicks through and we monetize.

是的。思考我們在應用程式中看到的內容的方式，我過去說過，我們的策略很大程度上是擺脫漏斗最頂部的大數字，其中包括很多坦率地說，飛越的進出流量中，點擊率非常低，我們從中獲利。

And to think about the traffic that is actually coming in and wants to use our tools is showing us that they're willing to plan with us, leverage our content, getting the data that comes along with that, moving that into membership, really enhancing the value of the membership and getting more people to use the app. And we're super excited that the early returns on that look very good.

考慮一下實際進入並想要使用我們工具的流量，這表明他們願意與我們一起計劃，利用我們的內容，獲取隨之而來的數據，將其轉化為會員資格，真正增強會員的價值並讓更多人使用該應用程式。我們非常興奮，因為早期的回報看起來非常好。

Now that direct traffic, that engaged traffic, membership and app, it's a subset of our business today. And we see it as an opportunity to scale it.

現在，直接流量、參與流量、會員資格和應用程序，它是我們今天業務的子集。我們將其視為擴大規模的機會。

And we think that what we've seen is that we're responding to what travelers really want from us, and the engagement metrics are translating through to the monetization that we described, the many multiples more that we can do.

我們認為，我們所看到的是，我們正在回應旅行者真正想要從我們這裡得到的東西，而參與度指標正在轉化為我們所描述的貨幣化，這是我們可以做的更多倍。

So while it's small, it's something we can scale. And when we get marketing and product working together, I think that you will see it become a more meaningful percentage of our overall financial performance.

因此，雖然它很小，但我們可以擴展它。當我們將行銷和產品結合時，我認為您會發現它在我們整體財務表現中所佔的比例更有意義。

Okay. Maybe a quick clarification, if I may. If I would think about Viator margin this year, are you still aiming to have some improvement year-on-year? How should we think about that?

好的。如果可以的話，也許可以快速澄清一下。如果我考慮今年的 Viator 利潤率，您是否仍然希望比去年同期有所改善？我們該如何思考這個問題？

Oh, yes. Yes, Naved, it's Mike. Definitely, if I wasn't clear about that. Yes, we are expecting meaningful margin improvement in Viator for sure.

哦是的。是的，納維德，我是麥克。當然，如果我不清楚的話。是的，我們確實預期 Viator 的利潤率會大幅提高。

Thank you.

謝謝。

Stephen Ju, UBS.

史蒂芬居，瑞銀集團。

Hey, good afternoon, guys. This is Jeremy on for Stephen. So you called out improvements in Viator cancellation rates from optimization. How much more room do you think there is across Viator in the business for optimization? And can you maybe walk through some of the areas you're excited about?

嘿，下午好，夥計們。這是傑瑞米（Jeremy）替史蒂芬（Stephen）發言。因此，您指出透過最佳化可以提高 Viator 取消率。您認為 Viator 業務還有多少優化空間？您能參觀一下您感興趣的一些區域嗎？

And then my second question is on hotel booking and rewards, are you expecting any sort of P&L impact? And would you potentially roll this out to experiences as well? Thank you.

我的第二個問題是關於飯店預訂和獎勵，您是否預計會對損益產生任何影響？您是否也可能將其推廣到體驗中？謝謝。

Yes. Thanks, Jeremy. Look, on Viator, there's a lot of changes that happen every quarter to optimize the funnel at Viator. We have changes that will bring down cancellation rates because we've done a better job of serving the consumer with what they expect, and gotten them to the right product and giving them a great experience, and then they come back and we see improvements.

是的。謝謝，傑里米。看，在 Viator 上，每個季度都會發生很多變化，以優化 Viator 的管道。我們所做的改變會降低取消率，因為我們更好地為消費者提供他們所期望的服務，讓他們獲得正確的產品並為他們提供良好的體驗，然後他們回來，我們看到了改進。

There's a lot that we're doing with personalization to personalize the product sort. We're obviously always thinking about optimizing the app. One of the things we're excited about is how we're thinking about post-booking logistics and really leveraging consumer data to deliver more personalized and effortless booking experience.

我們在個人化方面做了很多工作，以實現產品類型的個人化。顯然我們一直在考慮優化應用程式。我們感到興奮的事情之一是我們如何考慮預訂後物流並真正利用消費者數據來提供更個人化和輕鬆的預訂體驗。

Obviously, we're leaning into loyalty and a rewards program that will really drive repeat behavior. We're focused on our suppliers and making sure that they have the best experience, so we have the best supply. And I'm pleased to say that supply continues to grow, and we feel really good about the quality work we're doing there as well.

顯然，我們正在傾向於忠誠度和獎勵計劃，這將真正推動重複行為。我們專注於我們的供應商並確保他們擁有最好的體驗，因此我們擁有最好的供應。我很高興地說，供應量持續成長，我們對在那裡所做的高品質工作也感到非常滿意。

And then, of course, we're leveraging AI to think about the sort, to think about how we augment our customer service, and other parts. So we're always looking at opportunities to improve the metrics on that funnel, and I think you see it in the way that it delivers. The second part of the question --

當然，我們正在利用人工智慧來思考這個問題，思考如何增強我們的客戶服務以及其他部分。因此，我們一直在尋找改進該管道指標的機會，我認為您會以它提供的方式看到它。問題的第二部分——

Yes, on the rewards? Yes, I'll take that, Jeremy. So listen, I think rewards and incentives are a powerful tool for us, and really, you've seen that across the travel ecosystem. We have built our products with that in mind.

是的，關於獎勵？是的，我會接受的，傑瑞米。所以聽著，我認為獎勵和激勵對我們來說是一個強大的工具，事實上，你已經在整個旅遊生態系統中看到了這一點。我們在開發產品時就考慮到了這一點。

And you could say that at both brand Tripadvisor, what we're doing in the app. You can say that certainly at Viator and even TheFork. So we think about this across all of our brands.

您可以說，在兩個品牌 Tripadvisor 上，我們在應用程式中所做的事情。在 Viator 甚至 TheFork，你當然可以這麼說。因此，我們在所有品牌中都考慮了這一點。

Your question directly of impact on the P&L, I would say we've been very disciplined on our performance marketing spend and ROAs and ROIs. I view this really as another way of thinking about customer acquisition and acquiring stickiness in the customer. And so we have to balance that with other investments around acquisition. You would expect us to do that.

你的問題直接影響損益表，我想說，我們在績效行銷支出、投資報酬率和投資報酬率方面一直非常嚴格。我認為這實際上是思考客戶獲取和獲得客戶黏性的另一種方式。因此，我們必須在收購方面與其他投資進行平衡。您會期望我們這樣做。

So it's an area that we are excited about. It's a tool that really can drive engagement, but we'll think about that holistically as we think about overall marketing and investments.

所以這是一個我們感到興奮的領域。這是一個真正可以提高參與度的工具，但我們會在考慮整體行銷和投資時全面考慮這一點。

And Jeremy, just to be clear, you asked if we would roll it out on experiences. It already is rolled out in experiences. You can book experiences on our app, we're adding hotels, and there's other category opportunities in the future. So we think this ability to come in and integrate trip planning with booking in the app for logged-in members is a real meaningful opportunity for us. We're excited to go after it.

傑里米，澄清一下，你問我們是否會在體驗上推出它。它已經在經驗中推出。您可以在我們的應用程式上預訂體驗，我們正在新增飯店，並且將來還會有其他類別的機會。因此，我們認為這種將旅行計劃與登入會員在應用程式中進行預訂相結合的能力對我們來說是一個真正有意義的機會。我們很高興去追尋它。

Great, thank you.

太好了，謝謝。

(Operator Instructions) Wei Fang, Mizuho Securities.

（操作員指示）魏方，瑞穗證券。

Can you just give us a quick update on the Google kind of search policy changes impact? I remember last quarter, you guys called out on the meta business, you already kind of retrieved most of the impact, right, and then overcome that. And I'm not sure about experiences. I was just curious if there is anything you can call out for the experience side? And then secondly, on TheFork, do you have currently a target, like a restaurant count like coverage for year-end? Thank you.

您能否向我們介紹 Google 搜尋政策變更影響的最新情況？我記得上個季度，你們呼籲元業務，你們已經收回了大部分影響，對吧，然後克服了它。我不確定經驗。我只是好奇你在體驗方面有什麼可以提出的嗎？其次，在 TheFork 上，您目前是否有目標，例如餐廳數量，例如年底的覆蓋範圍？謝謝。

Yes, I'll take the first part. On the Google algo we called out last quarter, we did say there was an algorithm change. It's very far reaching and took a long time, right? So it was rather disruptive in April into May. And partly, it was an impact on our free traffic, impacting our financials for the quarter.

是的，我會選擇第一部分。關於上個季度我們提出的Google演算法，我們確實說過演算法發生了變化。這是非常深遠的，花了很長時間，對吧？因此，四月到五月的情況相當具有破壞性。部分原因是，這對我們的免費流量產生了影響，影響了我們本季的財務狀況。

That algo update, our teams do a really good job of reacting to that. And as we said, in the hotel category, had clawed back most of those rankings as we came through the quarter, which is true, right?

對於演算法更新，我們的團隊對此做出了非常好的反應。正如我們所說，在酒店類別中，我們在本季度中已經收回了大部分排名，這是事實，對吧？

So I think it still had an impact on the quarter. I think much of the other financial impact of the quarter, wasn't directly related to that. That was more reflective of that in combination with some of the demand trends we saw in both free and paid channels. So our financial performance in hotel meta was not all related to that, to the algo change, to be very clear.

所以我認為它仍然對本季產生影響。我認為本季的許多其他財務影響與此沒有直接關係。結合我們在免費和付費管道中看到的一些需求趨勢，這更能反映這一點。因此，我們在酒店元數據中的財務表現並不完全與此相關，與演算法變化相關，非常清楚。

And I would just remind you, this is exactly why we put the strategy in place that we've put in, and that we're focused on these direct relationships with members in our app, and translating that engagement to monetization.

我想提醒您，這正是我們制定策略的原因，我們專注於與應用程式中的會員建立直接關係，並將這種參與轉化為貨幣化。

And I think the combination of our teams responding really well and our strategy is going to serve us well. The second part of your question, we didn't hear. So if you had the second part, can you repeat it?

我認為我們團隊的結合反應非常好，我們的策略將為我們提供良好的服務。你問題的第二部分，我們沒有聽到。那如果你有第二部分，你能重複一遍嗎？

I was just curious, are you targeting additional restaurants that can sign up for the year-end, and what would number will be versus what current number is?

我只是很好奇，你們的目標是在年底增加可以註冊的餐廳嗎？

Yes. So we're really pleased with the progress we're making at TheFork. Thank you for asking about it. And we believe the business is on track to deliver growth and profitability this year as we said we would aim to do in our strategy.

是的。因此，我們對 TheFork 的進展感到非常滿意。感謝您詢問此事。我們相信，正如我們在策略中所說的那樣，該業務今年有望實現成長和獲利。

And we're benefiting from a lot of different things that are driving unit economics and leverage, and part of that includes our enhanced sales productivity with restaurants, as you described. So we've seen both stability in active restaurants, and we're growing the count.

正如您所描述的，我們受益於許多不同的因素，這些因素推動了單位經濟效益和槓桿率，其中一部分包括我們提高了餐廳的銷售效率。因此，我們看到活躍餐廳的穩定性，並且我們正在增加數量。

But more importantly, we're seeing better restaurant ARPU at lower CAC. And so you combine that with the marketing efficiency on the B2C side, and the products improvements we're making in the app to drive conversion rates and improved B2B revenue.

但更重要的是，我們看到餐廳的 ARPU 值更高，而 CAC 更低。因此，您可以將其與 B2C 方面的行銷效率以及我們在應用程式中進行的產品改進相結合，以提高轉換率並提高 B2B 收入。

And of course, the partnerships that I mentioned, you've got a recipe there where we're seeing profitability improving with a healthy growth rate, and we're going to deliver that margin for the full year, as we described.

當然，我提到的合作夥伴關係，你有一個秘訣，我們看到盈利能力以健康的增長率提高，我們將在全年實現這一利潤率，正如我們所描述的。

Thank you very much.

非常感謝。

This concludes the question-and-answer session. I would now like to hand the call back over to Matt Goldberg. Matt, please go ahead.

問答環節到此結束。我現在想把電話轉回給馬特‧戈德堡。馬特，請繼續。

Thanks again, everyone, for joining us today. We're looking forward to executing in the second half of 2024 and continuing to drive our initiatives forward. We look forward to speaking with you all soon. Have a good one.

再次感謝大家今天加入我們。我們期待在 2024 年下半年執行並繼續推動我們的計劃向前發展。我們期待盡快與大家交談。祝你過得愉快。

This does conclude today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。